Neurorehabilitation devices are specialized medical devices designed to aid in recovering and rehabilitating patients who have suffered from neurological disorders or injuries. These apparatuses are utilized to augment or restore the nervous system's functional capacities, including the brain, spinal cord, and periphery. Neurological disorders and injuries have the potential to result in a range of impairments, such as irregularities in cognitive functioning, sensory perception, and motor function. Neurorehabilitation devices are commonly employed with other therapeutic modalities to address multiple facets of rehabilitation.
The increasing prevalence of neurological illnesses, including but not limited to migraine, dementia, Alzheimer's disease, brain tumors, and epilepsy, will stimulate market expansion. For example, recent research from the World Health Organization (WHO) indicates that around one billion people are afflicted with neurological disorders. Similarly, neurological disorders are the leading reason for disability-adjusted life years and the second leading cause of mortality globally, accounting for 9 million deaths annually, according to a study published in the Lancet in 2020.
Additionally, epilepsy is responsible for over 0.5% of the worldwide disease burden and constitutes an estimated 13 million disability-adjusted life years, per the WHO. In addition, the rising prevalence of Alzheimer's disease among the elderly is anticipated to stimulate market expansion. WHO estimates that approximately 50 million persons worldwide have dementia, with an anticipated 10 million new cases being identified annually. Thus, given the high prevalence of neurological disorders worldwide, this is anticipated to stimulate the global market for neurorehabilitation devices.
Prominent market participants are concentrating on introducing technologically advanced products to meet the escalating demand for neurorehabilitation devices. For instance, in January 2019, Flint Rehab, a notable producer of neurorehabilitation devices, formally unveiled MiGo, the initial commercially available wearable activity tracker specifically engineered for stroke survivors.
MiGo is a device that tracks movement patterns and locomotion in the upper extremities of patients diagnosed with stroke. The device is equipped with a smartphone app that provides motivational support via digital coaching, formulating progressive goals, and social networking with individuals who have also experienced a stroke. These developments are anticipated to generate opportunities to expand the market.
North America is the most significant global neurorehabilitation devices market shareholder and is expected to expand substantially during the forecast period. The market for neurorehabilitation devices in North America is anticipated to expand for various reasons, including the prevalence of neurological disorders and an increase in government initiatives favorable to patients. Similarly, the market for neurorehabilitation devices in North America is anticipated to experience favorable effects due to the rise in product launches, approvals, and demand. For instance, in April 2021, marketing authorization was granted by the U.S. FDA for an innovative device intended to support muscle re-education and enhance range of motion in stroke rehabilitation patients who are 18 years of age or older.
Additionally, the region provides substantial funding for the R&D of novel neurorehabilitation devices. An example of this can be seen in August 2022, when the health technology company Neurofenix, based in the United Kingdom, successfully obtained a EUR 7 million capital investment. Utilizing this funding, the organization intends to initiate clinical trials in the United States and broaden its product line. Increased patient engagement and support are evident as the startup implements an innovative, patient-centered strategy for recovery and at-home neurorehabilitation therapy. These elements are fostering the expansion of the regional market.
The key players in the global neurorehabilitation devices market are Bioventus; Ectron; Hocoma; Tyromotion Inc.; Biometrics Ltd.; DIH; Medtronic; Bionik Laboratories Corp. (BNKL); BioXtreme Ltd.; Kinestica; Kinova Inc.; Ekso Bionics; Neuro Rehab VR; Saebo, Inc.; Abbott, and others.